Commercial real estate transactions are significant financial decisions with a complex and overwhelming process. For a new or seasoned investor, hiring the assistance of the right agent is important. So, here’s how to select a real estate agent in Corryville/Clifton, Ohio.
How to Select a Real Estate Agent in Corryville/Clifton Ohio
From evaluating their credentials to assessing their communication skills, many different factors must be considered, and several criteria must be met before you should decide to do business with a property agent.
As a buyer or seller of commercial property in Corryville/Clifton, Ohio, let’s discuss some tips to help you choose the best fit for an agent.
While experience is not the sole determinant of any agent’s quality of service, it plays a major role in the success of property transactions. This is because an agent with enough experience will know the right strategies to increase your chances of closing any transaction.
Therefore, you should take special care in ensuring that whichever agent you choose has sufficient experience in the specific commercial property you’re looking to buy/sell.
Examine Track Record
It is safe to say that the only thing more important than an agent’s experience is their track record. A proven track record of successful transactions shows that an agent has a good quantity of experience and quality.
To learn about their track record, you can ask agents to provide a Comparative Market Analysis (CMA) report showing at least a year’s worth of their listings. When analyzing this report, pay attention to the following:
- The number of properties sold as a percentage of the number of properties listed
- The number of days their listed properties took before getting sold
- The sales price of their listed properties as a percentage of their listing price
Doing this will give you an idea of how well the agent has done and how well they are currently doing.
The more training an agent has, the more likely they will serve you better. Therefore, their credentials are another important thing to consider before choosing an agent. The most important credential is an Ohio real estate license, which legally permits agents to handle transactions in the state.
However, other qualifications relating to transacting in commercial property to look out for include the following:
- Certified Commercial Investment Member (CCIM)
- Certified Real Estate Specialist (CRES)
- Accredited Commercial Professional (ACP)
Assess Local Market Knowledge:
Property transactions are highly location-specific, and an agent with knowledge of your target market can be a game-changer. This simply implies that if you’re looking for an agent in Corryville/Clifton, you have to ensure that the agent has substantial knowledge of the market trends and neighborhood dynamics of the local market.
To determine an agent’s local market knowledge, you can ask questions relating to the local market, such as:
- Is it a buyer or seller’s market right now?
- How long will it take my property to sell?
- Which commercial property is best to invest in?
- Which neighborhood is best to invest in?
A real estate agency with deep knowledge of the local market in Corryville/Clifton and the greater Cincinnati, Northern Kentucky area is Si Vales Valeo Real Estate. Relying on in-depth research and highly adaptable methods to keep abreast with the local market changes, we implement flexible investment strategies specifically suited to this market and you.
Review Client Testimonials and References
When discussing with an agent, never hesitate to request testimonials from their previous clients. You should also contact the references they provide and read online reviews of their services. All these help you gain valuable insights into their service quality and help you determine if they are a good fit.
Research the Agent
To choose an agent, you have first to find them, and at the end of the day, the number of property agents you’re exposed to is only as much as the depth of research you’re willing to do to find them. Therefore, you cannot stop searching until you find the right agent.
Here are a few tips to help you with your search:
- Seek recommendations from people within your personal network, including your friends, family, or colleagues who have sold or bought commercial properties in the area recently
- Make use of online platforms, such as property websites, directories, and social media
- Conduct a neighborhood search for agencies that are listing homes or holding open houses
- Check with the local Chamber of Commerce for their official referrals
What Qualifications Should I Look for in an Agent in Corryville/Clifton, Ohio?
The first and major qualification to look out for in any real estate agent in Corryville/Clifton, Ohio, is an Ohio real estate salesperson license. This license is a legal document that shows that they have successfully met all the state’s criteria for agents and are, therefore, qualified to transact property deals within the state.
What Is the Average Commission Rate Charged by Agents in Ohio?
The average commission rate charged by commercial property agents in Ohio is about 5% – 6% of the total sales price. Of this overall rate, about 3.5% is charged by the listing agent, while the buyer’s agent charges about 2.5%. In Ohio, the seller mostly pays the property commission for the listing and the buyer’s agent.
Are Compatibility and Trust Important When Looking for an Agent?
Yes, compatibility and trust are very important considerations when looking for a commercial property agent, as a good working relationship between the parties involved can considerably improve the entire experience. Therefore, before agreeing to work with one, assess whether the agent listens to your concerns, understands your preferences, and aligns with your values. Most importantly, trust your instincts.
Choosing the right commercial building agent is crucial in achieving your investment goals anywhere. Using the tips discussed above, you can tailor your search to finding a Corryville/Clifton agent that will guide you through the process with expertise and professionalism.